Bitcoin Don Pass $109,000 As Futures OI Dey Surge And Technicals Don Turn Bullish
Bitcoin don climb pass $109,000 this week, e continue from the earlier breakout pass $10,900, as record-high global M2 money supply plus better market feeling dey push am. The rally get backup from 10% jump for Bitcoin futures open interest and stable funding rates, wey show say traders don get confidence again plus e fit last. For the past 12 hours, short liquidations pass $196 million, wey make the move jump pass important resistance levels. Meanwhile, Coinbase premium widen, meaning say US spot demand strong. Technical indicators like bullish engulfing pattern, MACD golden cross, and bullish flag breakout dey show more upside, as analysts dey target $137,000 for the next weeks. Traders suppose dey watch support at $108,850–$109,000 and resistance near $11,000 as the momentum still dey carefully optimistic.
Bullish
Record high M2 money supply plus di rising Bitcoin futures open interest dey show say both institutional and retail demand don increase again, while stable funding rates dey reduce di risk of speculative blow-off. Plenty short liquidations don clear bearish positions, wey dey speed up di breakout pass key resistance. Di widening Coinbase premium show say strong spot demand dey from U.S. investors, wey dey add to di upward pressure. Bullish technical patterns like MACD golden cross and flag breakout still dey support continued upside for short term. Together, all these things dey suggest say Bitcoin get bullish outlook, with momentum wey fit continue if macro conditions still dey favor.